Glossary

A collection of numeric data or textual information that is processed in computer-readable form and stored electronically in a computer’s memory for later electronic publishing or distribution. - www.ifebp.org

Provision during the day on a regular basis of a range of services that may include health medical psychological social nutritional and educational services that allow a disabled or elderly person to function in the home or at a center.- www.ifebp.org

The payment made to designated beneficiaries upon the death of a participating employee. This could be the employee’s or employer's share in the investment fund the life insurance purchased for him or her or both.

Portfolio designed to meet a specific set of future benefit payments with the cash flow from the bonds held in a portfolio. The most common application of the dedicated portfolio concept is in funding benefits due to retired employees. Ideally the cash flow from the portfolio exactly matches each future payment both in amount and timing. If this exact matching is achieved the funding of future payments will not depend on the level of interest rates in the future. The actuary may then raise the actuarial assumption to a market rate of interest. This reduces the actuarial liability of the plan and could substantially lower its annual funding costs.- www.ifebp.org

The amount of out-of-pocket expenses that must be paid for health services by the insured before becoming payable by the carrier. Most common in major medical policies but also found in basic policies. See also Family Deductible; First Dollar Coverage.- www.ifebp.org

The practice by physicians of authorizing medically unnecessary tests and procedures increasing hospital admissions and extending lengths of stay in an attempt to limit their exposure to malpractice suits.- www.ifebp.org

Noncash compensation to which an employee may be entitled at a later date following employment assuming he or she has enough credited years of service for vesting (e.g. pension plans 401(k) savings plans stock options etc.).- www.ifebp.org

means an arrangement whereby benefits for a member are determined solely as a function of the amount that can be provided by-(a) contributions made by the employer on behalf of the member; and(b) interest earned and other gains and losses allocated to the member's account in the fund;- The Pensions (Superannuation Funds & Retirement Schemes) Act 2006

includes in relation to any office or (a) all salaries fees wages all provision or payment as the case may be in respect of living or other accommodation entertainment utilities domestic or other services and other benefits perquisites and facilities whatsoever (whether or not similar to any of the foregoing and whether in money or otherwise); and(b) without prejudice to the provisions of section 13 all sums paid to any person by an employer in respect of expenses whether reimbursable or not;(c) all annuities pensions superannuation or other allowances payable in respect of past services in any office or employment of profit whether legally due or voluntary and including lump sums paid in commutation or in lieu of a pension or other periodical superannuation payment and any payment of money made or other valuable consideration given to any person being the holder or past holder of any office or employment of profit in consideration for or otherwise in connection with the termination of the holding of that office or employment (otherwise than by death) or any change in its nature or terms or any undertaking given by that person as to his future conduct whether the payment is made to that person or to his relative or dependant (in which case it shall retreated as made to that person unless he is dead when it shall be treated as made to the recipient thereof);- The Income Tax Act 1955

means a person who meets the eligibility requirements for and joins an approved superannuation fund or approved retirement scheme and has accrued benefits in that kind or scheme.- The Pensions (Superannuation Funds and Retirement Schemes) Act 2006